Bookie bets on bumper profits

BRITAIN'S passion for a flutter - whether by phone, over the web or in the betting shop - looks like helping William Hill to a bumper profits year.

The bookie today alerted the stock market to expect pre-exceptional profits towards the upper end of City forecasts in a confident trading statement.

Chief executive David Harding said: 'The group has had an excellent trading year and all three divisions have delivered good levels of growth in gross win and profitability.' Gross win is the amount punters lose.

The statement suggests 2003 pre-tax profits will be in excess of the consensus forecast of £168m. Estimates range from £160m to £174m.

Its shares, floated at 225p in June 2002, have raced up to a record 448 1/2p on expectations of a strong showing from the 1,600-shop chain.

Betting on England's rugby union triumph in Australia was one of a series of big sporting events which lured punters. Hill also benefits from its booming online and telephone betting services.

TV shows such as Pop Idol and Fame Academy are also tempting a new generation of punters to bet on who will win.

'We look forward to further progress in 2004 based on our continuing product diversification and expansion in a number of betting opportunities,' Harding said.

Hill is expected to increase the number of highly profitable Fixed-Odds Betting Terminals in its shops as the rules are relaxed.

It said it would report full details of figures on 4 March.